Crypto Scoop: Central African Republic Becomes First African Nation To Adopt Bitcoin As Legal Tender

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Central African Republic adopts bitcoin as a legal tender as the first ETF combining bitcoin and gold is launched, and more exciting updates from the crypto space

It can’t just be us, but there have been several exciting crypto news from the crypto community this month. From crypto adoption to exciting projects, the crypto space has been at its busiest. We can only look forward to what May will bring, perhaps major price gains, as April didn’t have a lot of that. In this week’s edition will be reviewing;

  • Price gains and dips from top cryptocurrencies
  • Central Africa Republic’s adoption of Bitcoin as a legal tender
  • First-ever ETF combining gold and Bitcoin
  • The first-ever NFT sports events in Dubai and much more.

Strap on your seat belts because you are in for an exciting ride!

Price gain, dips, and more among Top cryptocurrencies

While bitcoin's price has been plunged below $40,000, BTC's Hashrate has risen to a new high of 271.19 (EH/s). The increased hash rate is expected to make mining bitcoin more difficult, perhaps resulting in a price increase in the following weeks.

While Cardano's price has been on a downward trend since its all-time high of $3.10, Messari, an on-chain aggregator, reports rising Cardano adoption. The multiple projects built on the Cardano ecosystem can be related to the increase in active wallets. In fact, IOHK, Cardano's parent firm, recently tweeted that the ADA blockchain has over 900 decentralised applications.

While BTC, ETH, ADA, and several other popular cryptocurrencies have struggled to gain traction, DOGE has seen a significant price surge due to Elon Musk's bid for Twitter. Perhaps the bullish market sentiments can be connected to speculations that Elon Musk, the proclaimed Godfather of Dogecoin, will include Dogecoin in Twitter's long-term plans after acquiring Twitter. Well, that will be something to look forward to.

Central African Republic Adopts Bitcoin As a Legal Tender 

El Salvador's President, Nayib, predicted that two more countries would adopt Bitcoin as legal tender at the start of the year, and his predictions are coming true. Following a unanimous vote by its legislators, the Central African Republic (CAR)  has announced that Bitcoin will be adopted as legal tender.

The bill was introduced by Justin Gourna Zacko, the country's Minister of Digital Economy, and it is expected that the regulatory framework and acceptance of bitcoin as legal tender will make CAR the "boldest and most visionary" country in the world.

Crypto regulation and adoption movements in other countries

While CAR has openly embraced crypto use, Nepal has shut down all crypto websites, apps, and online gaming sites, as well as prohibiting their use, stating that anyone who defaults will face crypto sanctions.

Although Nepal's skepticism of cryptocurrencies, the US state of Tennessee said, it was looking for contractors to help it manage unclaimed cryptocurrency. Prospective vendors were invited to submit a proposal outlining how they would assist the state in managing cryptocurrency. On the other hand, Bahamas has announced that its people can now pay taxes using digital currencies. The Bahamas had developed the first-ever country digital currency, the Sand dollar, and Bahamians will now be able to pay their taxes in Sand dollars, according to its whitepaper.

First-ever ETP combining Gold and Bitcoin

The first ETP to combine gold and Bitcoin will be listed on the SIX Swiss Exchange. The ETP was formed in collaboration with ByteTree Asset Management and is traded under the BOLD ticker. "We are making bitcoin an acceptable asset to hold and bringing gold into the 21st century,” ByteTree's chief investment officer Charlie Morris remarked to Financial Times.

While the fund would be a blend of gold and Bitcoin, gold is the dominant asset in the portfolio, with Bitcoin accounting for 18.5 percent of the portfolio and gold accounting for 81.5 percent.

First NFT sports events scheduled to hold in Dubai

The Burj al-Arab in Dubai will host the world's first-ever NFT sporting event. A boxing bout between award-winning Floyd 'Money' Mayweather and 'Dangerous' Don Moore is the highlight of the event. NFT ticket holders will be able to watch the event online on May 14, thanks to an exclusive live-streamed pay-per-view for NFT ticket holders. Viewers will also be able to purchase a one-of-a-kind Global Titans NFT ticket.

Limited edition 3D collectibles, exclusive video content, and official media files from the event's opening night will also be available to NFT owners. Global Titans NFT tickets are currently available for purchase on Rarible ahead of the event.

While the NFT community celebrates its first-ever sports event, Bored Ape Yacht Club has announced a hack. An unauthorised "mint" link was sent out to followers, and some of them bought the scam, resulting in the loss of 24 Bored Apes and 30 Mutant Apes. The 54 NFTs are worth $13.7 million based on the floor price.

The link misled users into thinking they could mint land in the upcoming OthersideMeta. BAYC immediately tweeted, “Do not mint anything, click links or link your wallet to anything," According to a spokesman for Yuga Labs and Instagram, they are still looking into how the account was hacked.